Required information E7-12 (Algo) Using FIFO for Multiproduct Inventory Transactions (Chapters 6 and 7) [LO 6-3, LO 6-4, LO 7. 3] [The following information applies to the questions displayed below.] FindMe incorporated, (FI) has developed a coin-sized tracking tag that attaches to key rings, wallets, and other items and can be prompted to emit a signal using a smartphone app. Fl sells these tags, as well as water-resistant cases for the tags, with terms FOB shipping point. Assume FI has no inventory at the beginning of the month, and it has outsourced the production of its tags and cases. Fl uses FFO and has entered into the following transactions: January 2FI purchased and received 370 tags fron Xioasi Manufacturing (Xos) at a cost of $9 per tag, n/15. January 4FI purchased and recelved 170 cases from Bachittar Products (BP) at a cost of $3 per case, n/20. January 6FI paid cash for the tags purchased from XM on January 2. January 8 FI nailed 270 tags via the U.S. Postal Service (USPS) to customers at a price of $24 per tag, on account. January 11FI purchased and recelved 470 tags fron xM at a cost of $12 per tag, n/15. January 14FI purchased and received 270 cases from BP at a cost of $4 per case, n/20. January 16FI paid cash for the cases purchased from Bp on January 4. January 19FI mailed 230 cases via the USPS to customers at a price of 514 per case, on account. January 21FI mailed 370 tags to customers at a price of $24 per tag, on account. E7-12 (Algo) Part 1 Required: 1. Prepare joumal entries for each of the above dates, assuming Fi uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fleld.) Journal Entry Worksheet 1. Record the purchase of 370 tags 2. Record the purchase of 170 cases 3. Record the payment of cash. 4. Record the sale of 270 tags. 5. Record the cost of goods of the 270 tags sold. 6. Record the purchase of 470 tags. 7. Record the purchase of 270 cases. 8. Record the payment of cash. 9. Record the sale of 230 cases. 10. Record the cost of goods of the 230 cases sold. 11. Record the sale of 370 tags. 12. Record the cost of goods of the 370 tags sold. January 4 FI purchased and received 170 cases from Bachittar Products (BP) at a cost of $3 per case, n/20. January 6FI paid cash for the tags purchased from XM on January 2. January 8FI mailed 270 tags via the U.S. Postal Service (USPS) to customers at a price of $24 per tag, on account. January 11FI purchased and received 470 tags from XM at a cost of $12 per tag, n/15. January 14FI purchased and received 270 cases from BP at a cost of $4 per case, n/20. January 16FI paid cash for the cases purchased from BP on January 4. January 19FI mailed 230 cases via the USPS to customers at a price of $14 per case, on account. January 21FI malled 370 tags to customers at a price of $24 per tag, on account. E7-12 (Algo) Part 2 2. Calculate the dollars of gross profit and the gross profit percentage from selling tags and cases. 3. Which product line yields more dollars of gross profit? 4. Which product line yields more gross profit per dollar of sales? Complete this question by entering your answers in the tabs below. Calculate the dollars of gross profit and the gross profit percentage from selling tags and cases. (Round your "Gross Profit Percentage answers to 2 decimal places.) January 4FI purchased and received 170 cases from Bachittar Products (BP) at a cost of $3 per case, n/20. January 6FI paid cash for the tags purchased from XM on January 2. January 8FI mailed 270 tags via the U.S. Postal Service (USPS) to customers at a price of $24 per tag, on account. January 11FI purchased and received 470 tags from XM at a cost of $12 per tag, n/15. January 14FI purchased and received 270 cases from BP at a cost of $4 per case, n/20. January 16FI paid cash for the cases purchased from BP on January 4 . January 19FI mailed 230 cases via the USPS to customers at a price of $14 per case, on account. January 21FI mailed 370 tags to customers at a price of $24 per tag, on account. 87-12 (Algo) Part 2 Calculate the dollars of gross profit and the gross profit percentage from selling tags and cases. Which product line yields more dollars of gross profit? Which product line yields more gross profit per dollar of sales? Complete this question by entering your answers in the tabs below. Which product line yields more dollars of gross profit? January 4FI purchased and received 170 cases from Bachittar Products (BP) at a cost of $3 per case, n January 6FI paid cash for the tags purchased from XM on January 2 . January 8FI mailed 270 tags via the U.S. Postal Service (USPS) to customers at a price of $24 per tag account. January 11FI purchased and received 470 tags from XM at a cost of $12 per tag, n/15. January 14FI purchased and received 270 cases from BP at a cost of $4 per case, n/20. January 16FI paid cash for the cases purchased from BP on January 4 . January 19FI mailed 230 cases via the USPS to customers at a price of $14 per case, on account. January 21FI mailed 370 tags to customers at a price of $24 per tag, on account. January 4 FI purchased and received 170 cases from Bachittar Products (BP) at a cost of $3 per cas, January 6 FI paid cash for the tags purchased from XM on' January 2. January 8 FI mailed 270 tags via the U.S. Postal Service (USPS) to customers at a price of $24 per tag account. January 11FI purchased and received 470 tags from XM at a cost of $12 per tag, n/15. January 14FI purchased and received 270 cases from BP at a cost of $4 per case, n/20. January 16 FI paid cash for the cases purchased from BP on January 4. January 19FI mailed 230 cases via the USPS to customers at a price of $14 per case, on account. January 21FI mailed 370 tags to customers at a price of $24 per tag, on account. E7-12 (Algo) Part 2 2. Calculate the dollars of gross profit and the gross profit percentage from selling tags and cases. 3. Which product line yields more dollars of gross profit? 4. Which product line yields more gross profit per dollar of sales? Complete this question by entering your answers in the tabs below. Which product line yields more gross profit per dollar of sales